Pet Store Finds A New Owner

New Owners Are Needed


The original owners of the popular pet store decided to relocate across the country, sparking concerns about the future of the cherished local establishment. However, a passionate individual stepped up, prepared to take charge and ensure that the Pet Store finds a new owner, thereby preserving its legacy within the community.


Despite the enthusiasm and determination, the substantial financial challenge of revitalizing the store became evident. Despite having saved up some funds, the potential new owner recognized the evident need for additional financing. This financing was crucial to rejuvenate the store and its operations. At this pivotal moment, an SBA loan emerged as the ideal solution, bridging the gap and facilitating the realization of the vision: a thriving pet store that finds a new owner, ushering in a vibrant era for pet enthusiasts in the city.


What Does It Take to Reopen a Pet Store?


Before delving into the pet store venture, the interested man conducted thorough research to gauge the required investment. Additionally, he calculated expenses beyond leasing the building, accounting for stocking and staffing costs. This process led him to realize that expenses could accumulate rapidly.


Conversely, the pet store had consistently yielded profits, making the endeavor seem like a calculated risk. After evaluating the costs of all the pet shop essentials, he reached a conclusion. He determined that an approximate sum of $500,000 would be needed. This would ensure a smooth launch and successful operation of the store for decades to come.

Pet Store Finds A New Owner

Where Will the Money Come From?


Starting a business can be a challenge. One of the difficulties is choosing the right form of financing. Since the man who wanted to bring back the pet store was already doing research into his options, he started looking at the pros and cons of different loans and alternatives to traditional loans.


Ultimately, an SBA loan caught his attention and appeared to be a viable choice for his upcoming endeavor. From this point, all he had to do was select a specific option.


The Decision to Go with an SBA 7(a) Loan


The 7(a) loan was a good choice for multiple reasons. It’s the most common loan program through the SBA and offers financial assistance for small businesses that have special requirements. It’s a top choice when real estate is part of the purchase, which worked well in this case as the biggest expense was the store itself.


With the SBA 7(a) loan, the repayment terms are flexible and the interest rates are highly competitive. Due to a partial guarantee from the SBA, there are also usually less stringent lending requirements.

How the Pet Store Is Doing Now


Getting the SBA 7(a) loan was easier than expected and the pet store was purchased shortly after. After a period of time dedicated to assembling staff and securing supplies, the town once again welcomed the presence of a beloved pet store. This establishment catered to the needs of everyone’s cats, dogs, birds, reptiles, and more.


Months later, the business was booming and it seems it will remain a staple of the community. It just goes to show that a person with a dream can make it a reality. An SBA 7(a) loan is a great choice for businesses of all kinds, whether they cater to critters, humans, or both.

Pet Store Finds A New Owner

What’s New